January 28, 2009

Economic forum in Switzerland begins

The founder of the World Economic Forum in Davos, Switzerland, said world leaders should include banks in the global economic recovery process.

We need a well-functioning financial community, we should not forget. Otherwise, we don't have a well-functioning economy, Klaus Schwab told a gathering at the opening of the prestigious conference, The Times of London reported Wednesday.

Russian Prime Minister Vladimir Putin is to give the keynote address. But, in his opening remarks, Schwab focused on unity as leaders addressed a plethora of economic problems.

It's an overlapping of different crises, Schwab said. We have a crisis that was caused by an imbalance in our economies. We have a financial crisis. We have a confidence crisis and above all we have a systems crisis, he said.

We have to rethink, we have to reboot the whole system, he said.

The audience includes world leaders, financial advisers and powerful financial figures. British Prime Minister Gordon Brown is attending the conference, as is Chinese Premier Wen Jiabao, Japanese Prime Minister Taro Aso, German Chancellor Angela Merkel, and the President of the European Union Jos© Manuel Barroso.